Aurizon Holdings Ltd. · ASX:AZJ
Aurizon — FY2026 Earnings Presentation
40 slides from Aurizon's earnings presentation, Aug 17, 2026
Slide 1: ASX cover letter: FY2026 Full year results presentation
Aurizon Holdings Limited ABN 14 146 335 622 ASX Market Announcements ASX Limited Level 27, 39 Martin Place For personal use only Sydney NSW 2000 BY ELECTRONIC LODGEMENT 17 August 2026 FY2026 Full year results presentation Attached is Aurizon Holding Limited’s full year results presentation for relea
Slide 2: Aurizon FY2026 Results
For personal use only Aurizon FY2026 Results 17 August 2026
Slide 3: Disclaimer
FY2026 RESULTS INTRODUCTION & OVERVIEW Disclaimer NO RELIANCE ON THIS DOCUMENT STATEMENTS ABOUT THE FUTURE This document was prepared by Aurizon Holdings Limited (ACN 146 335 622) (referred to as “Aurizon” which includes its This document contains “forward-looking statements”. The words “expect”, “a
Slide 4: Safety performance
FY2026 RESULTS INTRODUCTION & OVERVIEW Safety performance Reduction in serious injury frequency incidents and a continued focus on initiatives to prevent lower severity injuries For personal use only Total Recordable Injury Frequency Rate (TRIFR)1 and Lost Time Injury Frequency Rate (LTIFR) Incident
Slide 5: Introduction & Overview
For personal use only Introduction & Overview Andrew Harding Managing Director & CEO
Slide 6: Investment in Aurizon
FY2026 RESULTS INTRODUCTION & OVERVIEW Investment in Aurizon For personal use only Strategically Five - thousand kilometres of rail infrastructure. Australia's largest rail significant assets operator with a fleet of over 700 locomotives Cost - Escalation Haulage contracts primarily contain indexati
Slide 7: FY2026 Results
FY2026 RESULTS INTRODUCTION & OVERVIEW FY2026 Results Strong financial performance with Network, Coal, Bulk all ahead of prior year, facilitating an increase in shareholder returns For personal use only Underlying EBITDA Underlying NPAT Underlying Earnings Per Share $1,724m $433m 25.2c up 9% up 24%
Slide 8: Business Units
FY2026 RESULTS INTRODUCTION & OVERVIEW Business Units Network, Coal and Bulk each contributing to a strong Group result. Further Containerised Freight volume growth with a pathway to break - even in FY2027 For personal use only Network Coal Bulk Containerised Freight +8% +2% +38% +25% Underlying EBI
Slide 9: UT5+ Network Undertaking
FY2026 RESULTS INTRODUCTION & OVERVIEW UT5+ Network Undertaking A draft decision for the ten -year undertaking was published in June 2026 with pathway set for final approval For personal use only Highlights UT5+ Allowable Revenue UT5+ Average Revenue increase (compared with UT5) by element1 › Ten-ye
Slide 10: Coal contract update
FY2026 RESULTS INTRODUCTION & OVERVIEW Coal contract update Over a quarter of the portfolio has been recontracted since July 2025, including key Central Queensland customers BMA and Whitehaven, pushing out contract expiries into mid/late 2030s For personal use only Successfully recontracted all exis
Slide 11: Coal markets
FY2026 RESULTS INTRODUCTION & OVERVIEW Coal markets Demand for Australian coal is dependent on seaborne - traded markets, which are increasingly concentrated in Asia (rather than global demand) For personal use only Coking coal India: Coking Coal Import Volume5 million tonnes › Around two-thirds of
Slide 12: Expansion of Containerised Freight into vehicle logistics
FY2026 RESULTS INTRODUCTION & OVERVIEW Expansion of Containerised Freight into vehicle logistics Two contracts signed for the transport of vehicles in auto wagons that will utilise Aurizon’s Containerised Freight network and landbridging via the Port of Darwin For personal use only › Long-term partn
Slide 13: Financial Performance
For personal use only Financial Performance Ian Wells CFO & Group Executive Strategy
Slide 14: Key financial results
FY2026 RESULTS FINANCIAL PERFORMANCE Key financial results Strong financial performance, delivering a result above the mid - point of guidance. An increase in shareholder returns through a higher dividend and buy - back program For personal use only Underlying NPAT ($M) year on year change Reconcili
Slide 15: Key financial results
FY2026 RESULTS FINANCIAL PERFORMANCE Key financial results ROIC improvement and strong cash generation underpin higher shareholder returns For personal use only ROIC (%) Underlying Free Cash Flow1 ($M) Dividends Per Share 661 +1.4pts +11% +46% 573 582 518 412 397 9.5% 23c 8.9% 8.1% 17c 16c FY2024 FY
Slide 16: Network
FY2026 RESULTS FINANCIAL PERFORMANCE Network Uplift in earnings driven by higher regulatory revenue, partly offset by increased operating costs For personal use only EBITDA2: Major drivers ($M) net of fuel and energy/electric charges (revenue and cost) Tonnes Total Revenue 10 212.5m $1,514m 11 1,030
Slide 17: Bulk
FY2026 RESULTS FINANCIAL PERFORMANCE Bulk Earnings uplift driven by customer growth and the non - recurrence of prior year doubtful debt provisions, more than offsetting major customer start - up costs and net fuel under - recovery For personal use only EBITDA: Major drivers ($M) Rail Tonnes Hauled
Slide 18: Coal
FY2026 RESULTS FINANCIAL PERFORMANCE Coal Earnings uplift driven by price indexation (partly offset by customer mix), flat unit costs and net access/fuel benefits For personal use only EBITDA: Major drivers ($M) Tonnes hauled1 Revenue2 Yield 192.0m $1,333m 33 flat +2% 36 540 10 527 0 Net impact +3m
Slide 19: Coal contract and portfolio update
FY2026 RESULTS FINANCIAL PERFORMANCE Coal contract and portfolio update Lower contract utilisation has resulted in some customers reducing headline contracted volume to better align with their respective production plans For personal use only Contract Utilisation Railed volumes (share of contracted
Slide 20: Gearing and funding update
FY2026 RESULTS FINANCIAL PERFORMANCE Gearing and funding update Debt Maturity Profile5 ($M) GROUP DEBT METRICS FY2026 FY2025 For personal use only 100 Weighted average maturity1 4.3 years 4.8 years 70% bank debt to be amended & extended in FY2027, remainder Interest cost on drawn debt 6.2% 6.3% cove
Slide 21: Capital allocation
FY2026 RESULTS FINANCIAL PERFORMANCE Capital allocation The capital allocation framework continues to provide for shareholder returns with $1.8 billion returned over the past four years For personal use only Capital Expenditure1 Capital Allocation: Split between growth capital (and Capital Allocatio
Slide 22: Outlook
For personal use only Outlook Andrew Harding Managing Director & CEO
Slide 23: Outlook
FY2026 RESULTS OUTLOOK Outlook FY2027: › Group underlying EBITDA of $1,725m - $1,775m For personal use only › Full year dividends expected to be 23.0 - 24.0 cents per share › Non-growth capex expected to be $590m - $660m, including ~$25m of transformation capital › Growth capex expected to be $70m -
Slide 24: Progress against strategic aims
FY2026 RESULTS OUTLOOK Progress against strategic aims Resilient Network and Coal businesses continue to support our growth aspirations for Bulk and Containerised Freight For personal use only Drive Bulk growth Establish nationally significant containerised Resilient Coal and Network businesses acro
Slide 25: Investment in Aurizon
FY2026 RESULTS OUTLOOK Investment in Aurizon For personal use only Strategically Five - thousand kilometres of rail infrastructure. Australia's largest rail significant assets operator with a fleet of over 700 locomotives Cost - Escalation Haulage contracts primarily contain indexation mechanisms li
Slide 26: Appendix
For personal use only Appendix
Slide 27: Group financial results summary
FY2026 RESULTS ADDITIONAL INFORMATION Group financial results summary 1 $m FY2026 FY2025 Variance (%) Variance For personal use only Revenue (and other income) 4,194 3,952 6% 242 Operating Costs (Total) (2,470) (2,376) (4%) (94) Underlying EBITDA 1,724 1,576 9% 148 Depreciation & Amortisation (739)
Slide 28: Reconciliation to Statutory Earnings
FY2026 RESULTS ADDITIONAL INFORMATION Reconciliation to Statutory Earnings Revenue & Other Income EBITDA EBIT NPAT For personal use only ($m) FY2026 FY20251 FY2026 FY2025 FY2026 FY2025 FY2026 FY2025 Underlying result 4,194 3,952 1,724 1,576 985 844 433 348 Timing Differences - Network Revenue (27) -
Slide 29: Rail volumes
FY2026 RESULTS ADDITIONAL INFORMATION Rail volumes Quarter Ending Financial Year Sep-25 Dec-25 Mar-26 Jun-26 FY2025 FY2026 Variance For personal use only Coal CQCN mt 34.5 35.4 28.8 34.8 133.7 133.5 - NSW & SEQ mt 15.1 15.5 14.5 13.3 58.5 58.4 - Coal Total Volumes1 mt 49.6 51.0 43.2 48.1 192.2 192.0
Slide 30: Debt maturity profile
FY2026 RESULTS ADDITIONAL INFORMATION Debt maturity profile 1 1,290 AURIZON NETWORK ($m) For personal use only 100 845 752 218 92 1,190 128 235 392 368 50 78 242 500 425 80 300 67 82 120 65 184 53 68 122 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 AURIZON OPERATIONS ($
Slide 31: Coal: Above rail coal haulage and contracted volume
FY2026 RESULTS ADDITIONAL INFORMATION Coal: Above rail coal haulage and contracted volume FY2026 FY2025 FY2027 Contracted Volume: million tonnes Volumes railed Variance million tonnes million tonnes For personal use only Central Queensland 133.5 133.7 - 53 Newlands 10.2 12.2 (17%) Goonyella 60.6 59.
Slide 32: Coal markets
FY2026 RESULTS ADDITIONAL INFORMATION Coal markets Steel is an integral link with economic development with over two - thirds of production drawing upon coking coal. Australia is directly leveraged to steel production growth in India For personal use only INDIA CRUDE STEEL PRODUCTION1 AUSTRALIA: COK
Slide 33: Coal markets
FY2026 RESULTS ADDITIONAL INFORMATION Coal markets Global thermal coal trade is driven almost entirely by Asia, drawing upon a relatively young fleet of electricity assets For personal use only GLOBAL: THERMAL (STEAM) COAL IMPORT VOLUME1 AVERAGE AGE OF COAL-FIRED ELECTRICITY CAPACITY2 1,200mt 1,169
Slide 34: Bulk markets
FY2026 RESULTS ADDITIONAL INFORMATION Bulk markets AUSTRALIA: BASE METALS EXPLORATION EXPENDITURE1 GRAIN EXPORT VOLUME: FY20263 Calendar year By State (million tonnes), change compared to FY2025 A$1.2b For personal use only 21.7 A$0.9b A$0.6b 5.4 A$0.3b 7.3 5.1 3.6 A$0.0b Western Australia New South
Slide 35: Capital expenditure
FY2026 RESULTS ADDITIONAL INFORMATION Capital expenditure 1 $m FY2026 FY2025 For personal use only Network 339 351 Non-Growth2 339 351 Growth - - Coal 95 122 Non-Growth2 82 112 Growth 13 10 Bulk & Containerised Freight 264 198 Non-Growth2 139 106 Growth 125 92 Corporate 20 24 Non-Growth2 20 24 Growt
Slide 36: Network: Volumes (all rail operators)
FY2026 RESULTS ADDITIONAL INFORMATION Network: Volumes (all rail operators) FY2026 FY2025 Variance million tonnes million tonnes For personal use only Goonyella 103.9 102.8 1% Blackwater 61.2 54.6 12% Moura 13.2 15.1 (13%) Newlands 17.8 19.0 (6%) GAPE 16.3 16.5 (1%) Total 212.5 208.0 2% 35 Note: Due
Slide 37: Network: Reconciliation of revenue
FY2026 RESULTS ADDITIONAL INFORMATION Network: Reconciliation of revenue FY2026 FY2025 $m Change Actual Actual For personal use only Maximum Allowable Revenue (MAR): All Systems 1,393 1,335 58 Volume-Related Over / (Under) Recovery (27) (38) 11 Actual Regulatory Track Access Revenue 1,366 1,297 69 E
Slide 38: Network: Indicative Maximum Allowable Revenue (all rail systems)
FY2026 RESULTS ADDITIONAL INFORMATION Network: Indicative Maximum Allowable Revenue 1 (all rail systems) UT5 UT5+ BUILDING BLOCKS ($m) FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 For personal use only Return on Capital 514 519 523 483 486 487 486 485 Return of Capital (Regulatory Depreciation) 276 310 3
Slide 39: Network: Adjusted MAR bridge FY2025 to FY2028
FY2026 RESULTS ADDITIONAL INFORMATION Network: Adjusted MAR bridge FY2025 to FY2028 INDICATIVE NETWORK ADJUSTED MAXIMUM ALLOWABLE REVENUE (MAR)1 INCLUDING GAPE: FY2025 – FY2028 ($m) For personal use only Revenue cap previously recognised in underlying revenue +$60m in FY2026.To be recognised in stat
Slide 40: Investor Relations contacts
For personal use only James Coe Head of Investor Relations & Market Intelligence +61 7 3019 7526 James.Coe@aurizon.com.au Jason Di Pietro Manager Investor Relations +61 7 3019 1135 Jason.DiPietro@aurizon.com.au ASX: AZJ